For Modric, he enjoyed a fantastic season, winning the Champions League alongside Ronaldo, as well as finishing runner-up at the World Cup and claiming the Golden Ball.
Atletico Madrid's France star Antoine Griezmann, who scored twice as his club beat Marseille 3-0 in the Europa League final, just missed out in fourth.
The stars are judged on their displays in all competitions, at domestic, continental and global level.
The victor will be announced August 30, as the group of 80 European coaches and 55 journalists that determines the award tries to nail down the hard question: Who's the best player in Europe? Modric won the Golden Ball as the World Cup's best player in Russian Federation.
His former team-mate in Madrid, Modric, was a World Cup runner-up with Croatia and the victor of the FIFA Golden Ball.
The vote does not always reward a Champions League victor.
Similar to the aforementioned Ronaldo, the 32-year-old midfielder also made in excess of 40 appearances last season as Real Madrid went on to lift the UEFA Champions League trophy. 34 of his goals came in 36 appearances in La Liga whilst he netted six times in ten Champions League matches, whilst contributing 18 assists from those 45 matches.
Varane is on an all-Madrid defenders list with Marcelo and Sergio Ramos, and the goalkeeper candidates are Alisson, Gianluigi Buffon and Keylor Navas.
UEFA have announced their final shortlists for the Men's and Women's Player of the Year awards, with Lionel Messi missing the cut.
Denmark striker Harder plays for Wolfsburg, while Norway forward Hegerberg and France defensive midfielder Henry are team-mates at Lyon.